【作者】 陈昶学；

【导师】 艾洪德；

【作者基本信息】 东北财经大学 ， 金融学， 2010， 博士

【摘要】 次贷危机(Subprime Mortgage Crisis)是美国房地产市场泡沫破灭的结果。与历史上历次发生的金融危机相比,次贷危机根源、发生机理、传导机制及对世界经济的影响、危机的治理、市场和政府职能等问题引起了理论界和政府部门的密切关注,并且已经取得丰硕成果。从历史发展的眼光来看,自上世纪70年代以来,金融危机迅速增多,像“幽灵”一样伴随世界经济的发展过程。与70年代以来的其他金融危机相比,虽然危机发生的主体、影响范围及程度有所差异,但是本质都是全球经济失衡背景下的货币危机,最终的矛头都指向美元本位制下的国际货币体系所固有的内在缺陷,因此美元本位制下金融危机的形成与传导机制是非常值得深思的问题。而如果从更长远的时间维度来看,美国在1929-1933所发生的危机也导致了全球经济的大萧条,然而由于所处的历史环境,尤其是所处的国际货币体系不同,使得同样发生在美国身上的两次危机发生后,全球应对经济危机的政策方向大相径庭。1929-1933年“大萧条”危机爆发后,全球应对金融危机的措施相对保守,导致危全球经济陷入通货紧缩的境地,而次贷危机爆发后,全球应对金融危机的措施则是积极的财政政策与宽松的货币政策,却引发了大家对危机后出现的通货膨胀的担心,那么又是什么原因导致此次危机后全球行动惊人的一致呢?对这一问题的回答也需要从国际货币体系与经济的内外调节均衡调节机制的分析当中找到答案。本文即从国际货币制度演变的视角,顺沿国际货币制度发展、更迭的过程,揭示次贷危机爆发的制度性根源。本文主要包括这样几部分：第一章为绪论部分,主要介绍研究的背景意义、相关文献的综述、研究方法、研究框架、论文创新与不足等内容；第二章为金融危机及其传导机制的相关理论,本章对金融危机以及传导机制的相关概念进行了界定,对金融危机的理论模型进行了论述,最后分析了金融危机的国际传导机制；第三章为次贷危机到华尔街风暴的演变、传导路径分析。本章从美国次贷危机爆发的根源——住房抵押贷款入手,分析了美国次贷危机演变成全球经济危机主要经历,即“住房抵押贷款危机—次贷危机—金融危机一全球金融危机”演变的历程；第四章为华尔街风暴的扩散蔓延及对全球经济的影响分析。本章主要分析了次贷危机如何从华尔街传导了全球,由于不同地域的经济体制和金融体制的特征不同,为了全面的揭示次贷危机的传导途径,本章从危机对美国经济的影响入手,逐步探讨了其对欧洲、亚洲以及拉丁美洲的影响；第五章为次贷危机对中国的传导及其影响的实证分析。本章通过对中美两国超额比率的协整关系检验,得出中美两国流动性传导具有复杂的影响机制和时期特征这一结论；第六章为后危机时代我国防范金融风险的政策建议。本章结合次贷危机对我国的教训和启示的基础上,从增强银行业抗风险能力、完善监管体系两个角度提出了提高我国金融业自身抗风险的策略,最后是构建我国金融监管的防护体系的政策建议。更多还原

【Abstract】 The Subprime Crisis (Subprime Crisis), is the American housing market bubble. And history all the financial crisis, the subprime crisis, root, mechanism, conduction mechanism and the influence of the world economy, the crisis management, market and government function theory and the problems caused by the government departments concerned, and has been closely fruitful.From the perspective of historical development, since 70’s last century, the financial crisis, such as shadow photograph is increasing rapidly, like "ghost" along with the development of the world economy. Comparison of financial crises have representative: 1970s early 1980s happened in Latin American countries currency crisis,1992-1993 European currency (EMS) crisis,1994-1995 Mexico financial crisis in 1997-1998, southeast Asian financial crisis,1998,1999 Russia’s financial crisis, the Brazilian financial crisis in 2001, Turkish financial crisis in 2001 and Argentina financial crisis in 2007 the subprime crisis. And since the 1970s, compared to the other financial crisis, although the crisis, and the main difference degree, but the essence of global economic imbalances are under the background of the currency crisis, the final year to $under standard of international monetary system of internal defects inherent, therefore under $standard system of financial crisis and transmission mechanism is worth pondering. But if from more long-term time dimension, America in 1929-1933 of global economic crisis led to the great depression, however, due to the historical environment, especially in the international monetary system, makes the same happened in America after the two crises, global economic crisis policy direction.1929-1933 depression "crisis", after the global financial crisis, cause relatively conservative measures of threat of global economic deflation, while the subprime crisis erupted, global financial crisis after the measures are positive fiscal policy and looser monetary policy, but the crisis sparked after inflation fears, so what cause the crisis of global action after striking consistent? The answer to this question from the international monetary system also needs to adjust the economy and balanced adjustment mechanism analysis to find the answer.This article from the perspective of international monetary system evolution, the international monetary system development, the process of change, and reveals the subprime crisis erupted its roots. This article mainly includes several parts:part of introduction, in the concept of international financial crisis conduction, respectively from the root cause of the subprime crisis spread Angle of mechanism and the subprime crisis, research results related to review, based on research from the perspective of international monetary system of the subprime mortgage crisis and conduction mechanism of necessity, feasibility and creativity. In the second chapter, discusses the international monetary system and monetary crisis between the related concepts and theoretical model is introduced, the financial crisis of international transmission mechanism. For this study provide theoretical support. The third chapter proposed international monetary system, analyses the evolution process of the international monetary system and the relationship between the subprime crisis, Respectively in the americas, Europe and Asia financial crisis in the transmission for a detailed analysis. In the fourth chapter, the American housing market from the perspective of financial functions of the subprime crisis, the evolution of the review and analysis of financial innovation in the subprime crisis objectively evaluate the role. In chapter 5, separately from the subprime crisis to China’s financial markets, the entity economy, and the influence of liquidity from three aspects of the U.S. subprime mortgage crisis, the impact on the Chinese economy, and thus empirically proved us subprime mortgage crisis, and affects the Chinese economy is $standard system is aggravating the U.S. subprime mortgage crisis in China’s economic influence its roots. After the sixth chapter proposed international monetary system reform era of crisis with China, and puts forward the strategic choice after the crisis of the new era of international capital flow pattern, monetary system reform of new orientation, finally built after the age of China’s financial system crisis reconstruction.更多还原